"Hmm, is BTC going to recover? Don't let the investors down."
The entire cryptocurrency market including Bitcoin (BTC) started to see consolidation as comments from Federal Reserve (Fed) Governor Christopher Waller recently indicated that no rate cut will happen in months.
The increase was also driven by the Gross Domestic Product (GDP) reading for the fourth quarter of 2023 seeing an increase from 3.2% to 3.4% and although Jobless Claims this week remained steady at 211,000, Continued Claims rose by 1.819 million.
It is well known that the crypto market is experiencing a different cycle than the previous bull run following the launch of the spot BTC ETF and the expected decrease in BTC supply in April 2024.
On March 27, 2024, net capital flows to all spot BTC ETFs totaled $243.5 million with BlackRock's iShares Bitcoin ETF (IBIT) recording the highest inflow at $323.8 million but the GBTC fund saw another $300 million outflow.
Following the approval of the spot BTC ETF in the United States (US) increasing institutional exposure to BTC, crypto market participants are increasingly optimistic about the potential for BTC price spikes before and after the halving event.
Like to be informed the record highs witnessed in US equities and gold have created a bullish divergence for BTC and altcoins plus many retail investors are already interested in joining the crypto market.
As of this writing, BTC price has surged by 1.99% to $70,883 in the past 24 hours with a market capitalization of over $1 trillion and is up 7.71% over the past week.
